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The National Retail Federation has released its top tax-code priorities for 2013. The plan calls for eliminating tax credits and incentives that are industry-specific. In their place, NRF would like to see substantially lower tax rates. For information on tax reform, visit the AICPA's webpage on tax policy and tax reform materials.

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A House committee is investigating whether the Public Company Accounting Oversight Board is sufficiently weighing the economic impact of regulations it considers for auditors. In a letter to the PCAOB, House Oversight Committee Chairman Darrell Issa, R-Calif., and committee member Patrick McHenry, R-N.C., said the board appears to show "an institutional resistance to rigorous economic analysis."

FASB Statement 131, which guides the way public companies report information
about operating segments, was generally found to be effective by a Financial
Accounting Foundation post-implementation review panel. But the review
highlighted certain aspects of the standard that may make it difficult for
companies to apply; the Financial Accounting Standards Board is reviewing
the findings.

The Internal Revenue Service recently made use of the temporary
tangible property regulations optional for 2012 and 2013, but taxpayers who
plan to use them must follow the accounting method change guidance issued
last March. Jane Rohrs, CPA, and Natalie Tucker, CPA, explain the accounting
method change procedures that apply and point out planning opportunities for
taxpayers who are deciding whether to implement the new rules now.

In a bid to flesh out his proposals for tax-code reform, GOP presidential candidate Mitt Romney suggested a cap on deductions, including mortgage interest and charitable donations. A $17,000 cap would be appropriate to middle-income earners, while wealthier Americans would get a lower figure, Romney said.

Any moves to rework the tax code should contain incentives for Americans to build retirement savings, say Reps. Jim Gerlach, R-Pa., and Richard Neal, D-Mass. The lawmakers, members of the House Ways and Means Committee, have introduced a bill that would protect current incentives in any tax-code changes.